Mastercard and Zenith Bank Plc have partnered to introduce the Essential Debit Card, a cost-effective and secure payment solution tailored for low-income earners and other underserved Nigerians who have been historically excluded from formal banking services.
Launched in July 2025, the card is now available nationwide through Zenith branches and digital channels, in both physical and virtual formats. It features simplified onboarding, lower issuance costs, and is built on Mastercard’s global network to ensure acceptance wherever digital payments are growing fastest.
The timing is significant. Nigeria’s digital payments explosion continued unabated in 2024, with electronic transactions hitting a record ₦1.08 quadrillion – an 80% jump from ₦600 trillion the previous year, according to the Nigeria Inter-Bank Settlement System (NIBSS). Point-of-sale transactions also soared 81% to ₦19.4 trillion, underlining surging consumer confidence in cashless payments.
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Folasade Femi-Lawal, Mastercard’s Country Manager and Area Business Head for West Africa, described the card as a deliberate step toward inclusive innovation.
“At Mastercard, we believe inclusion fuels innovation, and innovation must be inclusive by design,” she said. “The Essential Debit Card is a gateway to economic opportunity for millions who have been left behind. Working with Zenith Bank, we’re meeting people where they are and giving them the tools to thrive in a digital world.”
Dame (Dr.) Adaora Umeoji, OON, Group Managing Director/CEO of Zenith Bank, echoed the sentiment, emphasising the broader national impact.
“This launch is a cornerstone of our financial inclusion strategy,” Dr Umeoji stated. “By delivering an affordable, secure and practical payment tool, we are empowering more Nigerians to join the formal economy, driving both individual prosperity and national growth. Together with Mastercard, we are removing everyday barriers to commerce and taking a giant stride toward closing Nigeria’s financial inclusion gap.”
Zenith Bank is among the first tier-one banks in the country to adopt Mastercard’s Essential Debit framework, enabling it to reach high-potential but historically overlooked customer segments at scale.
